Revenue cycle management is a core function in the healthcare industry, but an increasingly complex issue to handle. RemitDATA has conducted a survey of providers, RCM companies and healthcare vendors to better understand the industry's top business and RCM concerns.
Here four key points from the survey.
1. Nearly half of providers (41 percent) cited acquiring new patients and competition as a top concern. More than 50 percent of RCM companies and vendors reported acquiring new customers as a top challenge.
2. Though benchmarking is only going to grow in importance as healthcare stakeholders move toward measuring quality, survey respondents were concerned with their ability to do so. Half of providers and RCM companies listed benchmarking as one of their top four issues, and 63 percent of vendors did the same.
3. The ICD-10 transition date was months ago, but the new coding set remains at the forefront of healthcare leaders' minds. The new coding set is a top concern for:
• 44 percent of vendors
• 51 percent of providers
• 55 percent of RCM companies
4. Other top concerns include:
Preventing audits (RAC, MRR, RADV, HEDIS, DRG)
• Providers: 28 percent
• RCM companies: 38 percent
• Vendors: 25 percent
Retaining existing revenue cycle customers
• Providers: 28 percent
• RCM companies: 45 percent
• Vendors: 25 percent
Managing high deductible health plans and high patient coinsurance
• Providers: 46 percent
• RCM companies: 45 percent
• Vendors: 50 percent
Keeping up with government mandates and regulations:
• Providers: 69 percent
• RCM companies: 52 percent
• Vendors: 62 percent
Managing denials resolution
• Providers: 70 percent
• RCM companies: 65 percent
• Vendors: 50 percent